Quang Nam Rubber sets up new subsidiary

QUANG NAM (VNS) — Quang Nam Rubber (VHG) recently announced that it is giving its land use right, worth VND99 billion (US$4.6 million), to a VND100-billion ($4.7 million) subsidiary called Develyn Investment.

Notably, the aim of establishing a new firm is to sell it to a partner for no less than VND25,000 ($1.17) per Develyn Investment share. The sale will be completed when Quang Nam Rubber's holding is reduced to 25 to 35 per cent. — VNS